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Maersk Supply Service awarded integrated solutions project in Brazil

Maersk Supply Service awarded integrated solutions project in Brazil

Maersk Supply Service will provide an integrated mooring lines life extension solution. Western Australia’s Port of Fremantle is setting new records with the arrival of two Post Panamax containerships. On July 10, the company said that it agreed with SoLix Group AB. Shell’s FPSO Fluminense, including project management, engineering, interface management. New facility which has...

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ADNOC Drilling completes its first offshore Integrated Drilling Services well

ADNOC Drilling completes its first offshore Integrated Drilling Services well

ADNOC Drilling announced the completion of its first offshore integrated drilling services. The discussions between H.E. Dr. Al Jaber and H.E. Mr. Novak coincided with the 24th meeting of the World Energy. The Abu Dhabi National Oil Company (ADNOC) and the Chartered Institute of Personnel and Development (CIPD) have announced an agreement. The milestone follows...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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Putin’s budget has lowest break-even oil price in over a decade

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances. On August 10, opposition supporters held a mass protests in the Russian capital. Russia’s President Vladimir Putin has urged the United States to begin new arms talks. Russian President Vladimir Putin has taken a step towards cooling tensions with Georgia. It’s...

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OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth. Fed cuts interest rates, signals it may not need to do more. ConocoPhillips missed Wall Street estimates for quarterly profit on last Tuesday. The long-running trade war, even though supplies will be tighter than previously thought. Copper...

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Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran is racing to return an oil supertanker to international waters. The captain of an Iranian tanker seized in Gibraltar, provoking a diplomatic crisis between Tehran and London. The ship, the Grace 1, had been held in Gibraltar after British forces detained it last month. Iran on Sunday called Britain’s seizure of an Iranian oil...

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Venezuela importing the most fuel since U.S. sanctions started

Venezuela importing the most fuel since U.S. sanctions started

Venezuela is importing fuel at a rate not seen since the U.S. imposed crippling sanctions on the country. A Chinese contractor has agreed to shore up Venezuela’s derelict refining network to ease fuel shortages. US imposed sanctions on Venezuelan individuals linked to Maduro’s government. US President Donald Trump has signed an executive order imposing an...

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ADNOC and Petramina expand partnership exploring new upstream, downstream opportunities

ADNOC and Petramina expand partnership exploring new upstream, downstream opportunities

The Abu Dhabi National Oil Company (ADNOC) signed a Comprehensive Strategic Framework. Abu Dhabi National Oil Company (ADNOC) met with Excellency Alexander Novak. The Korea National Oil Company (KNOC) and GS Energy one of ADNOC’s youngest operating companies. The discussions coincided with a joint visit to review the progress of the over US$ 30 billion....

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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes, a GE company signed a memorandum of understanding. Saudi Aramco is advancing its global chemicals growth strategy. Saudi Aramco and its affiliates signed 12 agreements with major South Korean...

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